1. Ledger Nano S – The Best Bitcoin Hardware Wallet

Overall, if we had to choose one, this is the single best bitcoin wallet. However, it really depends on your goals.

The Ledger company, makers of the Ledger Nano S hardware wallet, is one of the most talked about bitcoin wallet manufacturers on today’s market. This is due to the fact that the Ledger Nano S hardware wallets provide what is arguably the most robust security that bitcoin users could ever ask for.

This is currently the best bitcoin wallet if you:

Plan to invest large amounts in bitcoin and other cryptocurrencies

Care a lot about security and want to ensure that you don’t lose your cryptocurrency

2. Electrum – The Best Desktop Bitcoin Wallet

If you use a laptop or desktop computer as a wallet, one option is to use Bitcoin’s own core wallet applications (many other cryptocurrencies offer a core wallet as well).

However, for many people, using core wallets simply isn’t feasible due to the fact that it needs to be downloaded and constantly updated with vast amounts of blockchain transaction data. This is generally too much for the average person’s desktop or laptop computer.

Thankfully, a developer by the name of Thomas Voegtlin found a compromise in 2011, with what has since become known as the Electrum wallet.

Electrum is a ‘client’ bitcoin wallet. This means that Electrum stores bitcoin private keys in a native PC wallet application, but does not participate in updating the entire bitcoin blockchain.

Electrum Wallet Pros:

Being a client wallet, Electrum is fast and allows users to store and transact several forms of digital currency

Electrum can be installed on USB devices to create a DIY hardware wallet

Easy to backup and restore, thanks to the ability for users to create unique wallet recovery passphrases

Electrum is simple to use and is sometimes considered the best Bitcoin wallet for people new to the cryptocurrency market

7-years of robust development history makes Electrum one of the safest and most trusted client wallets on the market

Electrum Wallet Cons:

It is not as secure as a hardware wallet. Electrum is basically as safe as your computer. With the Ledger Nano S, your private keys never leave the device, whereas Electrum is managing them through your computer.

Electrum cannot be run on mobile devices such as smartphones. This makes Electrum unsuited for anyone who wishes to transact or trade cryptocurrency when on the go via anything other than their PC.

3. Jaxx – The Best Bitcoin Wallet for Android & iPhone

Jaxx is a hugely popular cryptocurrency wallet which supports several leading altcoins and allows users to exchange coins easily via Shapeshift or Changelly. Jaxx is the best mobile bitcoin wallet.

Thanks to a simple user interface and wide-reaching device support (Android, Windows, Mac, Linux, iOS, and available as Google Chrome and Firefox extensions), Jaxx gives users almost everything they will ever need from a cryptocurrency wallet.

Jaxx Wallet Pros:

Jaxx makes it easy to send and receive payments on the go from any location

Support of several altcoins means that users can store their entire cryptocurrency portfolio in a single app

In-app support for Shapeshift & Changelly means that novice traders can exchange cryptocurrency in just a few touchscreen taps

Jaxx is easy to backup and restore in the event of a device malfunction or security problem

Jaxx Wallet Cons:

Not open-source, which is a big con. Jaxx may be hugely popular among cryptocurrency users, however, the wallet is often criticized for not being open-source like other client wallets. This means that the code which underpins Jaxx wallet privacy, functionality, and security, can’t be peer reviewed by independent coders and developers.

Private? Who knows.

Secure? Who knows.

So, while we consider Jaxx to be the best bitcoin wallet app, we’d recommend only using it for short-term trading, not storing bitcoin.

4. Coinbase – The Best Online Bitcoin Wallet (Exchange Wallet)

If you plan to regularly trade cryptocurrency, using the other recommended wallets here often isn’t the best option.

Storing your bitcoin and altcoins on an exchange would make things significantly easier for you, especially if you don’t want a delay when trading.

However, as a basic rule, one of the worst things long-term bitcoin investors can do is keep cryptocurrency coins in online exchange wallets. This is due to the fact that Bitcoin exchange platforms are the targets of almost constant cyber attacks.

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If you are the kind of Bitcoin investor who is determined to hold no matter what (in other words you hodl), you might well feel deterred from keeping coins in any kind of web wallet or USB-like device.

Thankfully, it is possible to store Bitcoin just like regular fiat cash or stock certificates. All that long-term holders need to do, is visit www.bitaddress.org and follow the appropriate steps required to create a printable paper wallet.

Paper Wallet Pros:

Paper wallets can be printed and stored safely without any risk of stored data being hacked or degrading thanks to hardware wallet malfunctions

Paper wallets are free and easy to create

Paper wallets can have funds added to them without users needing to login to wallet apps or use dedicated wallet devices

Paper wallet funds can be sent to web wallet and hardware wallet addresses instantly thanks to scannable QR codes

Paper Wallet Cons:

They are still pieces of paper and just as easy to lose or get destroyed as any piece of paper.

Paper wallets themselves are not recoverable in any way should wallets ever be lost, stolen, or accidentally destroyed. There is no back up.

If you don’t have the technological know-how, you could really screw this up.

Conclusion

The right bitcoin wallet for you may be different from someone else. Also, you may want to use more than one of the wallets listed above.

In general, we recommend:

Electrum or Jaxx for people who just want to get their feet wet with a small amount of bitcoin

Richard has developed and ran multiple online websites and communities with tens of millions of monthly visitors. He first discovered bitcoin and blockchain in 2012 and has been helping to educate others on its potential since then. Richard is very passionate about the crypto community. Read his inspiring story into cryptocurrency here.

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Welcome to Do Cryptocurrency

Welcome to DoCrypto, a blog all about demystifying the world of Bitcoin, altcoins, cryptocurrencies & blockchain so you can use, invest in, explore & learn about these comfortably and securely. We are empowering people all over the world to learn about cryptocurrencies such as Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash & more.

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Altcoins and Bitcoin exchanges, mining, trading, prices, how to buy Bitcoin with credit cards and cash, Bitcoin and Ethereum wallets, other cryptocoin wallets, wallet management, security, making money in this space & more.